{"id":46617,"date":"2023-04-20T10:28:34","date_gmt":"2023-04-20T14:28:34","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/endless-wave-of-cre-challenges-continue-with-cmbs\/"},"modified":"2024-04-24T14:24:58","modified_gmt":"2024-04-24T18:24:58","slug":"endless-wave-of-cre-challenges-continue-with-cmbs","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/endless-wave-of-cre-challenges-continue-with-cmbs\/","title":{"rendered":"\u2018Endless wave\u2019 of CRE challenges continue with CMBS"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b73a6875f3]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b73a6875f3'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">\u2018Endless wave\u2019 of CRE challenges continue with CMBS<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b73a68ecde'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">April 20, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0b73a6921d4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Background<\/h2>\n<p>The timing of a cooling U.S. commercial mortgage-backed securities market doesn\u2019t bode well for regional banks. Sales of the securities without government backing fell about 80% in the first quarter from a year earlier, due in part to rising interest rates and concerns of defaults. Regional banks have pulled back after the recent crisis, exposing the <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-10\/gmo-sun-life-drawn-to-some-of-the-widest-cmbs-spreads-in-years\">widest spreads<\/a> on commercial mortgage bonds in recent years.<\/p>\n<p>The drop in non-agency CMBS issuance this year has made it harder for owners of commercial real estate, including malls and offices, that are seeking to refinance maturing debts. CMBS typically represent a significant part of the demand for these loans.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Mortgage Risk: Managed<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_725543943569434621\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/mortgage-solutions\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Analysts say refinancing will be tough after rising interest rates led to the collapse of SVB Financial and Signature Bank. Without adequate refinancing, assets of deteriorating quality could burden bank balance sheets.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-14\/wells-fargo-warns-of-more-office-market-stress-on-the-horizon\">Wells Fargo &amp; Co<\/a>. announced it\u2019s reviewing more than $35 billion worth of office loans to decrease risk after increasing credit-loss allowances for four consecutive quarters. Meanwhile, borrowers face nearly <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-04-08\/a-1-5-trillion-wall-of-debt-is-looming-for-us-commercial-properties\">$1.5 trillion<\/a> of U.S. commercial real estate debt that comes due for repayment by the end of 2025.<\/p>\n<h2>The issue<\/h2>\n<p>Issuance of U.S. private-label CMBS is only at $6.1 billion so far in 2023, compared with full-year 2022 and 2021 sales of $76.9 billion and $117.1 billion, respectively. Risk aversion is rising among CRE debt investors because of the persistence of work-from-home trends and larger economic concerns.<\/p>\n<p>\u201cDownward price pressure and low sales volumes validate the mounting concerns about CRE, and small banks would bear a disproportionate burden of any defaults,\u201d wrote Bloomberg Economics economist Stuart Paul. Loans packaged into CMBS facing maturities or balloon payments will require refinancing \u2014 but regional banks may be reluctant to extend refinancing as deposits flee.<\/p>\n<p>Bloomberg Intelligence analyst Jeffrey S. Langbaum shared a similar sentiment, explaining that the difficulty in refinancing debt and failing regional banks add another element to the\u200c \u201cendless wave\u201d of CRE challenges.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s LEAG, CMB, BLNR, BI and LLKU tools to analyze the CMBS market.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1078\" height=\"664\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"CMBS\" title=\"FFM22\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg 1078w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/FFM22.jpg 600w\" sizes=\"auto, (max-width: 1078px) 100vw, 1078px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0b73a69e539]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0b73a69e539'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0b73a6a2a95'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3343235337795249314\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The timing of a cooling U.S. commercial mortgage-backed securities market doesn\u2019t bode well for regional banks.<\/p>\n","protected":false},"author":1679,"featured_media":42587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"1245","footnotes":""},"categories":[453],"tags":[526],"series":[],"class_list":["post-46617","post","type-post","status-publish","format-standard","hentry","category-markets","tag-fixed-income","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Endless wave\u2019 of CRE challenges continue with CMBS | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The timing of a cooling U.S. commercial mortgage-backed securities market doesn\u2019t bode well for regional banks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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